646 N Beville Ave · Indianapolis city (balance), IN 46201

$185,000

3 bd · 2.0 ba · 2,352 sqft · SingleFamily public records · 9 Days on market

Built 1910 4,182 sqft lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This 3 bed/2 bath home is a perfect opportunity for a value-add project in popular St. Clair Place. Look at the surrounding properties and you can tell what a little bit of sweat equity can get you. The main level has been recently renovated and is very turn-key. Upstairs has a 1950's time capsule feel but has plenty of square footage to turn into whatever vision your heart desires. If you are looking for a starter home or first investment property this definitely fits your boxes. Home is being sold as-is.

Key facts

• Turn-key
• Recently renovated
• 4,182 sq ft lot

Tags

• RECENTLY RENOVATED
• TURN-KEY

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Municipal sewer; Solid waste service
• Home design: Single-family residence; Two levels
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered patio/porch; No fence; Lot under 1/4 acre

Interior

• Kitchen: Electric cooktop; Dishwasher; Refrigerator
• Bedrooms: Three bedrooms total — two on the main level, one on the upper level
• Bathrooms: Two full bathrooms — one on the main level, one on the upper level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Painted woodwork; Unfinished basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 9.3% vs local median 4.4% in Indianapolis city (balance) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,036/mo this rent would consume 50% of the median local household income ($49k/yr) (locally 1906% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $52k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
4. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.10% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $385,728
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 N Beville Ave	0.15mi	3/2.5	2,322 (-1%)	1mo	$380,000	$164	88
519 Woodruff Place Middle Dr	0.35mi	3/3.0	2,349 (-0%)	0mo	$420,000	$179	79
964 Tecumseh St	0.30mi	3/1.5	2,268 (-4%)	1mo	$260,000	$115	77
626 N Hamilton Ave	0.13mi	3/2.5	2,580 (+10%)	1mo	$470,000	$182	75
629 N Keystone Ave	0.09mi	3/2.0	2,038 (-13%)	2mo	$295,000	$145	72
1118 N Newman St	0.59mi	3/1.5	2,430 (+3%)	0mo	$300,000	$123	65
43 N Walcott St	0.70mi	3/2.0	2,296 (-2%)	1mo	$350,000	$152	63
810 N Oakland Ave	0.51mi	3/2.0	2,542 (+8%)	2mo	$220,000	$87	62
1021 N Hamilton Ave	0.33mi	4/2.5 (+1)	2,058 (-12%)	2mo	$531,000	$258	56
1148 N Beville Ave	0.43mi	4/2.5 (+1)	2,064 (-12%)	2mo	$370,000	$179	51
1123 N Keystone Ave	0.40mi	4/3.5 (+1)	2,627 (+12%)	1mo	$530,000	$202	50
206 N Randolph St	0.66mi	3/2.5	2,613 (+11%)	1mo	$269,000	$103	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $8,483
• Equity at exit: $27,584

10-year hold

• IRR: 17.0%
• Equity multiple: 2.66×
• Total profit: $86,234
• Equity at exit: $15,995

Cash invested: $51,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,036 high
• Mortgage (P&I): −$970
• Tax from tax record: −$101 /mo · $1,213/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $460

Break-even live

Break-even rent $1,454

Max offer price $185,000

Occupancy floor 72%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
656 N Beville Ave Indianapolis, IN	3.0	2.5	2121	$3,500	$1.65	24d	1	0.02mi
635 Jefferson Ave Indianapolis, IN	3.0	1.5	1744	$1,700	$0.97	44d	1	0.04mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	44d	1	0.36mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	24d	1	0.36mi
409 N Temple Ave Indianapolis, IN	3.0	2.0	2106	$1,650	$0.78	44d	1	0.41mi
420 Eastern Ave Indianapolis, IN	3.0	1.0	1900	$1,325	$0.70	44d	1	0.42mi
2822 E Michigan St Indianapolis, IN	3.0	2.0	1918	$1,999	$1.04	22d	1	0.45mi
515 N Oxford St Indianapolis, IN	2.0	1.5	1728	$1,050	$0.61	3d	1	0.46mi
1226 N Beville Ave Indianapolis, IN	3.0	2.5	3273	$4,129	$1.26	24d	1	0.46mi
210 N Keystone Ave Indianapolis, IN	4.0	2.0	2024	$2,200	$1.09	7d	1	0.54mi
849 N Oakland Ave Indianapolis, IN	4.0	3.0	1638	$2,350	$1.43	12d	1	0.54mi
238 Eastern Ave Indianapolis, IN	3.0	2.0	1850	$1,900	$1.03	24d	1	0.55mi
47 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	44d	1	0.59mi
43 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,291	$1.43	16d	1	0.60mi
41 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	44d	1	0.60mi
1531 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	24d	1	0.61mi
1529 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	24d	1	0.61mi
303 N State Ave Indianapolis, IN	3.0	1.0	1700	$1,275	$0.75	24d	1	0.64mi
322 N Summit St Unit 4 Indianapolis, IN	3.0	3.5	2546	$3,100	$1.22	7d	1	0.70mi
22 Hendricks Pl Unit 22 Indianapolis, IN	3.0	1.5	1730	$1,600	$0.92	18d	1	0.70mi
2418 E 16th St Indianapolis, IN	2.0	1.5	1863	$2,125	$1.14	24d	1	0.72mi
22 Parkview Ave Indianapolis, IN	3.0	1.5	1728	$1,450	$0.84	7d	1	0.72mi
1314 E 10th St Indianapolis, IN	2.0	2.0	1701	$1,650	$0.97	44d	1	0.72mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	44d	1	0.73mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	44d	1	0.73mi
931 N Lasalle St Indianapolis, IN	4.0	2.5	2544	$2,300	$0.90	44d	1	0.73mi
17 N Randolph St Indianapolis, IN	3.0	2.0	1822	$2,075	$1.14	4d	1	0.74mi
29 N Walcott St Indianapolis, IN	4.0	3.0	2200	$2,400	$1.09	44d	1	0.78mi
441 N Highland Ave Indianapolis, IN	2.0	2.0	1650	$2,400	$1.45	44d	1	0.80mi
441 N Highland Ave Unit 445 Indianapolis, IN	2.0	2.5	1650	$2,400	$1.45	44d	1	0.80mi
1430 E Ohio St Indianapolis, IN	3.0	1.5	2174	$1,745	$0.80	44d	1	0.82mi
2536 E 17th St Indianapolis, IN	2.0	2.0	2086	$1,450	$0.70	4d	1	0.84mi
1223 E New York St Indianapolis, IN	3.0	3.0	2154	$2,300	$1.07	4d	1	0.85mi
1706 Ingram St Indianapolis, IN	3.0	2.0	2592	$2,000	$0.77	7d	1	0.92mi
117 S Arsenal Ave Indianapolis, IN	3.0	2.0	2592	$1,800	$0.69	44d	1	1.03mi
49 S Lasalle St Unit 1540092P Indianapolis, IN	3.0	2.0	1991	$3,053	$1.53	3d	1	1.03mi
890 Massachusetts Ave Unit 1014223P Indianapolis, IN	3.0	3.0	1991	$5,540	$2.78	2d	1	1.04mi
519 Fulton St Indianapolis, IN	3.0	2.5	1830	$6,000	$3.28	44d	1	1.14mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	15d	1	1.15mi
1927 N Dearborn St Indianapolis, IN	3.0	1.0	2182	$1,495	$0.69	44d	1	1.22mi

Listing history 9 events

1. 2026-06-18
   days on market $185,000 Active 9 DOM
2. 2026-06-17
   days on market $185,000 Active 8 DOM
3. 2026-06-16
   days on market $185,000 Active 7 DOM
4. 2026-06-15
   days on market $185,000 Active 6 DOM
5. 2026-06-13
   days on market $185,000 Active 4 DOM
6. 2026-06-13
   status $185,000 Active 3 DOM
7. 2026-06-08
   statusdays on market $185,000 Pending 3 DOM
8. 2026-06-07
   remarks 511-char remark
9. 2026-06-07
   listed $185,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,213 · $101/mo
• Projected year-2 tax: $1,393 · $116/mo
• Expected delta: +$180/yr (+$15/mo · 14.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,430
• − Mortgage interest: −$10,363
• − Property taxes: −$1,213
• − Insurance: −$925
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$5,382
• Taxable income: $2,639
• Est. tax owed @ 24.0%: −$633
• After-tax cash flow: $4,887/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Indianapolis city (balance), IN
• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 1,025,572 people
• By 2030: 1,065,727 · +3.9%
• By 2040: 1,141,577 · +11.3%
• By 2050: 1,208,920 · +17.9%
• By 2075: 1,367,288 · +33.3%
• By 2100: 1,438,201 · +40.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

Political lean MEDSL · Marion

• 2024 margin: Strong D (+27.7) · D 63.0% · R 35.3% · Other 1.7%
• 2008→2024 swing: -0.7pp no change · 2008: 28.4pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+29.1 2016: D+22.8 2012: D+22.2 2008: D+28.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

1 event — show timeline

• 2026-06-04 Listed $185,000 MIBOR as Distributed by MLS Grid

Property tax history

+11.2%/yr

Latest (2025): $1,213 · +2.6% YoY. Source: county tax records.